Readymix revenues down 15% in 2011

Readymix in a trading statement issued today said revenues fell 15% in 2011 with pre-tax losses for the year expected to be around €54m.

The company said it expects an operating loss before exceptional items of approximately €13m for the full year to December 31, 2011, compared to €15m for 2010.

Readymix said that following a review of asset values it was imposing an impairment charge of €27m for the second half of 2011, giving a total impairment charge for the year of €39m.

The company said the charge was in light of the continued decline in aggregate volumes and the uncertainty that surrounds the housing and construction sectors, and the economy as a whole.

It also announced the establishment of an independent committee to assess a takeover approach from a subsidiary of Spanish cement firm CEMEX.

The approach was announced on January 19.